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Setting up a business account

Instarem serves small- to medium-sized businesses globally, including USA, UK, Malaysia, Singapore, Europe, Hong Kong, and Australia. Companies must be registered and have a physical presence in these countries to sign up. Financial institutions and enterprise businesses can use the Nium platform for customized solutions.

For USD to USD transfers, you can send money to recipients in virtually any foreign country that’s supported by Instarem.
You can send money, which Instarem converts to the recipient’s local currency, to the following countries:
  1. Asia: Hong Kong, India, Indonesia, Malaysia, Nepal, Pakistan*, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Vietnam*
  2. Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, United Kingdom
  3. North America:Canada, Mexico
  4. South America: Argentina, Chile, Colombia, Peru
  5. Oceania: Australia
* You can only send payments to individuals – businesses not allowed.

Yes. Your recipients can receive US dollars in virtually any foreign country supported by Instarem. However, your recipient must have a USD-denominated bank account to hold US dollars. Otherwise, your recipient’s bank will automatically convert US dollars to their local currency (foreign exchange and incoming international wire fees may be charged to your recipient).

Log into your Instarem account. When setting up a new transaction, add your recipient’s details (country, bank name, account number, SWIFT code, etc.) and choose USD as the currency. The  Add Transactions  tool should show USD for both sending and receiving currencies. If you send more than one currency to a recipient, you will need to save a separate profile for each currency.

Fees depend on whether your recipient wishes to receive USD or local currency. Instarem charges a flat fee of $15 (or $20 for transactions of $5,000 or above) to send USD to USD abroad. When Instarem converts USD to local currencies, our fees vary from 0.3% to 1.0% based on the countries and corridors of transfers. The fees are subject to change and can be reviewed at any given time on the Instarem currency converter.

Instarem for Business has a minimum transfer amount of $50. There is no per-transaction maximum for the “payee” and “wire transfer” funding methods. However, there is an annual limit of $2.5 million, with greater amounts requiring additional approval.
Different countries have regulatory limits on outward and inward flow of remittances originating from or to the country. You can refer to our page on international money transfers limits in various countries for information pertaining to inward and outward remittance limits on your country of interest.

Personal accounts must be used only for individual or personal purposes, therefore you must create a separate business account to use for business purposes. In order to create a Business account, all you need to do is register as a business while signing up with us. Click here to sign up now

To open an Instarem business account, you will need to sign up with an email address and phone number. As a part of a mandatory requirement, your Employer Identification Number (EIN) is also required. We will need to confirm the details of the major owners/shareholders of your company. This policy is in line with a banking regulation commonly known as 'Know Your Customer’ (KYC), which is the process businesses use to verify the identity of its clients to prevent fraud and money laundering. Documentation requirements vary according to your business type.

You won't be able to make changes yourself, but our customer support is available 24 x 7. You can send us an email at [email protected] and they will assist you on this.

On average, it takes 2-3 business days for activation of a business account.

No, you will be able to use your Instarem Business account to make outbound payments from USA only. Each country is licensed under a different regulator with different onboarding requirements. Hence, you'll have to set up multiple business accounts, should you wish to operate from different countries.

No, there is no signup or subscription fee. Our transaction fees are charged per transaction.

Setting up transfers

At Instarem, we provide low margin FX rates. When the transaction is submitted the rate gets locked and does not change until it is auto cancelled or cancelled by you.

Our fees differ from countries and corridors of transfers with typical fees varying from 0.3% to 1%. The fees are subject to change and can be reviewed at any given time on the Instarem currency converter.

Once your account is approved, you can initiate transfers on our dashboard.

Different countries have regulatory limits on outward and inward flow of remittances originating from or to the country. You can refer to our page on international money transfers limits in various countries for information pertaining to inward and outward remittance limits on your country of interest.

You can contact our client services team via email, chat to make any changes.

*Please note, once the funds have been transferred to the recipient, the transaction cannot be cancelled.

Once you initiate a transaction, an email will be sent to your registered email address with our bank details. Once we receive the funds, we will process your international transfer. There are two ways to fund your transfer.
1) Set up Instarem as “Payee”: In your online bank account, set up an external transfer to pay to your Instarem (Nium) account. Funds are often available in 1-2 business days (2-5 business days for the first transfer). May be subject to your bank’s payment transfer limits.
2) Wire transfer: Send a bank domestic wire transfer to your Instarem account. Typically, funds are available the next business day if submitted before the daily cutoff time. Your bank may charge a domestic wire transfer fee.

A user login is unique in its nature for access to the account, hence we do not have an option for multiple users. If you require maker/checker capability, click here to find out about our Nium MassPay solution.

Batch uploads

Batch payment is a convenient way to transfer money to up to 20 recipients at once

Businesses can add up to 20 beneficiaries in one batch and can set up a max of 20 transactions at a time. Collated funds can be sent matching the exact total amount of transactions set up. Please contact our customer support team at [email protected] for further details

Tracking and reporting

You can track the transaction status by clicking on History on the top right tab on your dashboard.

Your payment will appear on your beneficiary bank account once the status of your transaction is shown as 'Paid'. However, depending on the beneficiary bank operating hours, it could take another business day for the funds to appear in your beneficiary bank account.

No, the money is sent directly to the recipient's bank account.

We maintain complete transparency to give you the most accurate information on your transfer and our thorough verification processes ensure that your funds arrive at the right beneficiary. NIUM, Inc. (formerly known as Instarem USA Corporation), operates in the United States under a program sponsored by Community Federal Savings Bank, to which NIUM is a service provider (NMLS ID No. 1528562). NIUM Pte. Ltd (formerly known as Instarem Pte. Limited), the holding company of NIUM and Instarem subsidiaries globally, is regulated by the Monetary Authority of Singapore as a major payment institution under license No. PS20200276. We adhere to a strict set of rules set by regulatory authorities in every single corridor we operate in.

You can request for account closure by sending us an email from your registered email address at: [email protected]
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